RV loans through Bank of the West are available from $10,000 all the way up to $2 million, with repayment terms ranging from 48 to 240 months. However, these are just starting rates and yours may be higher. The company publishes a whole table of starting rates based upon loan amount and term. This is only for larger, four-year loans. For creditworthy borrowers, this lender provides access to rates starting as low as 8.99% APR. This bank offers highly competitive interest rates and a variety of flexible RV loan products to customers in all 50 states, as long as they have a good credit score (specifically, a score of 680 or higher). On that note, Southeast Financial does not publish partner rates when it comes to non-prime loans, though it does offer to reduce your rate down the line once creditworthiness has been established.Įssex Credit was founded in 1981 and has been a division of Bank of the West since 2014. This means that if you haven’t had an installment loan before-or if it wasn’t repaid as agreed-you may have trouble getting approved (or snagging a lower rate). In order to connect a poor-credit applicant with a loan product, Southeast Financial will look at past installment loan history. Loans are only available for recreational vehicles if you live in a park model or in a motorhome full-time, this loan isn’t for you. Repayment terms are up to 240 months, but the Credit Challenge Program is restricted to 60 to 180 months. The program for subprime borrowers is capped at loans of $75,000, but if your credit is better, the company does loans up to $4,000,000. Recreational vehicles accepted for collateral can be as old as 15 years. Past bankruptcies are allowed as long as they’re discharged, with stable income requirements of only range from $20,000 to $30,000. The Credit Challenge Program offered by Southeast Financial offers to connect borrowers with credit scores as low as 550 to banks willing to offer them RV loans. Through Southeast Financial, however, borrowers with bad credit aren’t just accepted-there’s an entire loan program dedicated to them. Getting approved for a competitive loan can be tough if you have poor credit or a past bankruptcy. Also, potential borrowers are not able to rate-shop without joining the credit union. For instance, they don’t specify things like down payment requirements for RV loans or loan-to-value (LTV) limits for refinancing. Also, loan pre-approval is available if you’re still shopping around.Īs a membership-based banking institution, there is some information that Alliant does not publish online. Funds are sent with FedEx two-business day shipping for free, and you can get overnight instead for a fee. Refinance loans are also available to qualified applicants, and both original and refi loans are offered to borrowers in all 50 states.Īpproval happens in the same day that you apply in most cases. There are no prepayment penalties or fees involved with an Alliant RV loan. The 20-year loan has a starting APR of 7.79%. Rates are competitive and start at 7.04% APR for 10-year loans. Loans are offered up to $400,000 with repayment terms as long as 20 years. While many lenders only offer loans to those who use their RV recreationally, Alliant accepts applicants who plan to live in the vehicle full-time. RV loans through Alliant Credit Union are available to both part- and full-timers. If none of these apply to you, you can simply support Alliant’s partner charity and you’ll be eligible for membership. Though membership is required in order to obtain one of these loans, becoming a member is easy: You’ll just need to be an employee of (or retire from) one of Alliant’s partner companies, have a family member who is already an Alliant member, live in certain communities, or be a member of certain partner organizations. It offers a variety of competitive RV loan products for a borrower who plans to live in their vehicle either occasionally or full-time with fast funding. Our top pick for recreational vehicle (RV) loans goes to Alliant Credit Union.
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